New Hampshire Community Loan Fund transforms lives
Praxis investments support small business
The New Hampshire Community Loan Fund turns investments from individuals and institutions into loans and education that create opportunity and transform the lives of people with low and moderate incomes. Their support includes providing loans, capital, and technical assistance – complementing and extending the reach of conventional institutions.
The New Hampshire Community Loan Fund has provided more than $350 million in direct financing and leveraged a total project value of more than $794 million. The Community Loan Fund has provided 121 resident-owned manufactured-home communities with financing and technical assistance and has financed 10,167 units of affordable housing. Its loans have created or preserved 3,870 jobs and 4,465 childcare and school spaces.
Farm Food Fund keeps Ben’s Syrup flowing
When Ben Fisk of Ben’s Maple Products in Temple needed a loan for a couple tractor-trailer loads of maple syrup, he had few options. Even though his gross sales had soared — more than 2,300% in just five years — he had minimal collateral.
The New Hampshire CDFI backed Ben’s business through their Farm Food Initiative, a program designed to help farmers and food producers growing demand by providing loans, customized technical assistance, and connections to new markets.
The Community Loan Fund's Business Finance team had the flexibility to deliver a loan to meet the short-term needs of Ben’s business and provided a scholarship for Ben to work with a financial consultant. Both moves set his business up for more financing in the future.
“That was huge for them to be willing to do that,” Ben said of the Community Loan Fund. “They want their money back, but they also want to make sure you do well.”
The Praxis commitment
Praxis Mutual Funds® supports organizations such as the New Hampshire Community Loan Fund through fund investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.